Sports betting handle down for Maryland in May at retail sportsbooks
The sports calendar continues into the spring and summer. As they continue, numbers from Maryland sports betting can be seen as similar to many other jurisdictions with regulated sports betting. Maryland’s five retail sportsbooks saw a double-digit drop in handle in May when compared to the previous month.
The decrease in sports betting activity seen in the spring and summer has been observed across the licensed sports gaming industry. There is much more betting action during the NFL and college football seasons. However, handling at Maryland’s sportsbooks was a little more than twenty-three million in May. This amount was down 14.2 percent, from almost twenty-seven million dollars in April.
However, the taxable win sports betting revenue in May was slightly over three million dollars. This value increased 8.9% over April, more than 2.77 million dollars. In May, the average hold was around thirteen percent. Sports betting brought in $452,897 to the state in May, up 8.9% from April ($415,801) and up 8.9% from April ($415,801).
Live! Maintaining its dominance
The sportsbook at Live! Casino, run by FanDuel Maryland, has now had five consecutive months of eight-figure monthly handling. The 10.9 million dollars in wagers represented 47.3 percent of all action in Maryland for the month. In May, it set a new high for 2022 with a 14.9 percent win rate, contributing to a haul of slightly over $1.6 million.
Over both categories, MGM National Harbor in Baltimore came in second. Its income increased by 41.4 percent to $714,477 in April, thanks to an 11.37 percent hold on roughly $6.3 million in the handle. The increase was more than four percentage points more than the previous month.
With a 9.2 percent hold, Hollywood Casino in Perryville was the lone operator to fall short of the 10% mark. However, its month-over-month revenue increased 54.5 percent to $113,605. Furthermore, May’s win rate was more than three percentage points higher than April’s.
From more than $4.6 million in handling, Horseshoe Casino and Ocean Downs combined for approximately $600,000 in gross revenue. More than $3.6 million in wagers were placed at Horseshoe. However, the revenue fell 22.2 percent from April to over $430,000, as its win percentage fell to 11.9 percent.
When Will Mobile Be Available?
Mobile sports betting has yet to emerge in Maryland. Given the speed with which applications for what are known as competitive Class B retail licenses and internet licenses are being developed, educated observers anticipate it will not happen before 2023. As a result, according to Norton and other operators, the state’s internet market will be difficult to launch this year.
While Live! has been a leader in retail sports betting, its online sports betting and collaboration with FanDuel Sportsbook are where the company’s numbers will skyrocket.
Is it possible for MD sports betting to meet market expectations?
When it comes to legal sports betting, Maryland offers a lot of benefits. Only Washington DC has a higher median income than the other legalized wagering jurisdictions. In addition, regional professional teams like the Baltimore Ravens, Baltimore Orioles, and Washington Football Team have fan bases. In addition to the nine NCAA Division I athletic schools, these are a recipe for success.
Maryland also has a diverse sports betting sector, with more than 100 retail and mobile betting licenses available. However, the state’s population of 6 million people is in line with Colorado’s, the country’s eighth-largest sports betting market. Colorado has received $1.8 billion in wagers and $109.4 million in gross gaming revenue since going online in May 2020.
Furthermore, Maryland is the only state with legal sports betting, surrounded by other regulated betting jurisdictions. However, Maryland also lacks a large sports tourism business, so sports betting in the state may have to rely solely on local interest.
MD sports betting benefits from passionate fan bases
The various professional and college sports teams in the state should help boost the state’s annual sports betting tax revenue. The following professional sports franchises have home venues in Maryland: The Baltimore Orioles, a baseball team, Baltimore Ravens, a football team, and Washington Football Team.
The Maryland Terrapins and Navy are two significant NCAA Division I institutions participating in the FBS. In addition, some states implement sports betting without competition from other states, allowing such industries to profit by drawing tourists. Maryland, on the other hand, does not have this edge.
The state’s sports betting sector can still prosper, thanks to major professional sports, six casinos, a slew of racetracks, off-track betting sites, and other entities that could offer legal betting.
Impacts of Maryland Sports betting revenue
Maryland lawmakers have created the most permissive and competitive legal sports wagering marketplaces of any US state. As a result, up to 60 online sportsbook firms are permitted to enter the market. Consumers are undoubtedly profiting from this competition through fair odds and appealing deals.
This leads us to assume that the Maryland market has a lot of room for growth. It’s also encouraging to see the state supporting minority-owned small enterprises and diversity initiatives in the sports betting industry. But, again, the broad approach may assist in attracting a larger customer base.
What is the potential of Maryland Betting Revenue?
Based on the recent accomplishments of emerging markets like Virginia and Tennessee, as well as Colorado and Michigan, Maryland has the potential to generate billions in annual sports betting volume. In addition, Maryland will also accept bets on in-state college teams, which is a significant plus.
This means you may bet on the Maryland Terrapins and Navy Midshipmen while staying within the state of Maryland. Betting on local collegiate teams has become highly common in other places, particularly around the season of college football and March Madness.